Money myth 8: “You should wait for the right moment to invest.”

The perfect moment is easy to spot once it’s passed. Waiting for a market dip can mean putting off investing for months or years.

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Money myth 7: “An RRSP is always better than a TFSA.”

Earning less now and expecting a higher income later? A TFSA can be the better starting point. You can save your RRSP contribution room for years when the deduction is worth more.

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Money Myth 6: “You need to be debt-free before you invest.”

Your interest rate matters. Prioritize expensive credit card debt, but a lower-rate mortgage doesn’t have to stop you from investing while you keep up with payments.

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Money Myth 5: "You need a lot of money to start investing." Not true.

$100 a month, started at 25, can grow to about $190,000 by 65 at 6% a year. Start 10 years later and you end up with about half.

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Money Myth 3: A raise can leave you with less money

A higher tax bracket won’t eat your whole raise. In Canada, the higher rate applies only to the income within that bracket. The dollars below it keep their lower rates.

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